Claimants get more time for Sh250,000 Concord State payout after snub businessdailyafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessdailyafrica.com Daily Mail and Mail on Sunday newspapers.
Claimants snub Sh250,000 Concord Insurance State payout
Monday April 05 2021
By OTIATO GUGUYU
Summary
Only eight of the 2,949 policyholders have come out to claim the Sh247 million set aside from the Policyholders Compensation Fund (PCF).
PCF managing trustee William Masita said the fund and the regulator are considering extending the period for making claims beyond 30 days.
Thousands have failed to show up for the Sh250,000 State payout of Concord Insurance that collapsed eight years ago, indicating apathy among claimants who have waited years for compensation.
Only eight of the 2,949 policyholders have come out to claim the Sh247 million set aside from the Policyholders Compensation Fund (PCF).
Fund to settle claims of collapsed Concorde Insurance clients standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.
Payment of claims from collapsed insurers kicks off
Tuesday March 09 2021
By OTIATO GUGUYU
Summary
The Insurance Regulatory Authority (IRA) said they have began processing claims of Concord insurance which collapsed eight years ago and will move to Standard insurance company.
The Insurance regulator said it is tapping into the Policyholders Compensation Fund (PCF) set up 16 years ago for the first time to settle claims of the failed insurer, opening the way to pay back claims for other insurers.
The insurance regulator has started making Sh250,000 payout to policy holders and beneficiaries of collapsed insurers, making the first compensation in decades.